EOS price analysis: Retreats from December highs; reversal limited
|- EOS/USD zoomed above $3.0 forming monthly highs at $3.16.
- EOS recovery limited below $2.8; sideways trend continues.
The market has not only slowed down the momentum after the Christmas celebrations, it has also reversed the trend. In the days leading to Christmas, digital assets corrected higher reversing the declines that dominated the market since November.
EOS explored the levels below $2 in addition to forming lows of $1.55. A correction that took effect at the beginning of the second week of December remained unstoppable above the bullish trendline. Besides, EOS/USD zoomed above $3.0 forming monthly highs at $3.16 before the bears took charge.
At press time, the $2.2 billion crypto has corrected lower 3.84% on Thursday. Its 24-hour trading volume stands at $783 million, which is a slight correction from the $919 million recorded yesterday and the $1 million on December 25.
The current drop slipped below the trendline support at $2.8. This reignited the declines below the 61.8% Fib retracement level between the highs of $3.16 and the lows standing at $1.66. around $2.66. EOS found a support at $2.466, however, reversal has been limited below $2.88.
A look at the chart of EOS/USD, we see that indicators are motionless. The RSI is ranging at 42.10 after retracing from the overbought levels recorded last week and on Monday this week. The DMI on the same chart is holding tight to 0.0 to show that EOS could have reached its short-term bottom and we expect a correction in the coming sessions. Meanwhile, a correction above $2.8 could see another attacked staged at $3.0 and the seller concentration zone at $3.16
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